Meta Platforms, Inc. (NASDAQ:META) Stake Boosted by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd grew its stake in shares of Meta Platforms, Inc. (NASDAQ:META) by 63.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,229 shares of the social networking company’s stock after acquiring an additional 8,598 shares during the period. Meta Platforms accounts for 1.3% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 17th biggest holding. Harvest Fund Management Co. Ltd’s holdings in Meta Platforms were worth $6,376,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Fairfield Bush & CO. bought a new stake in Meta Platforms in the first quarter worth $66,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Meta Platforms by 12.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,244,201 shares of the social networking company’s stock worth $499,020,000 after purchasing an additional 249,926 shares in the last quarter. Ergoteles LLC boosted its holdings in Meta Platforms by 284.0% in the first quarter. Ergoteles LLC now owns 3,356 shares of the social networking company’s stock worth $746,000 after purchasing an additional 2,482 shares in the last quarter. First Western Trust Bank bought a new stake in Meta Platforms in the first quarter worth $813,000. Finally, Oxford Financial Group Ltd. boosted its holdings in Meta Platforms by 26.9% in the first quarter. Oxford Financial Group Ltd. now owns 1,888 shares of the social networking company’s stock worth $420,000 after purchasing an additional 400 shares in the last quarter. 62.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Susan J. Li sold 10,643 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $3,258,780.17. Following the sale, the chief financial officer now directly owns 91,617 shares of the company’s stock, valued at $28,052,209.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Meta Platforms news, insider Jennifer Newstead sold 722 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $278.73, for a total value of $201,243.06. Following the transaction, the insider now directly owns 35,200 shares of the company’s stock, valued at $9,811,296. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Susan J. Li sold 10,643 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $306.19, for a total transaction of $3,258,780.17. Following the completion of the transaction, the chief financial officer now directly owns 91,617 shares in the company, valued at $28,052,209.23. The disclosure for this sale can be found here. Insiders have sold 41,179 shares of company stock valued at $12,474,820 over the last three months. 13.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on META shares. HSBC upgraded shares of Meta Platforms from a “reduce” rating to a “hold” rating and set a $285.00 price objective for the company in a report on Thursday, July 27th. New Street Research upgraded shares of Meta Platforms from a “neutral” rating to a “buy” rating and set a $350.00 price objective for the company in a report on Tuesday, July 25th. Royal Bank of Canada restated an “outperform” rating and set a $400.00 price target on shares of Meta Platforms in a report on Friday, August 18th. 92 Resources restated a “maintains” rating on shares of Meta Platforms in a report on Monday, June 26th. Finally, Susquehanna upped their price target on shares of Meta Platforms from $310.00 to $400.00 in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, forty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $319.79.

Meta Platforms Price Performance

Shares of Meta Platforms stock opened at $300.31 on Friday. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $772.75 billion, a price-to-earnings ratio of 35.00, a P/E/G ratio of 1.00 and a beta of 1.23. Meta Platforms, Inc. has a 1-year low of $88.09 and a 1-year high of $326.20. The firm’s 50-day moving average price is $302.23 and its two-hundred day moving average price is $258.71.

Meta Platforms (NASDAQ:META) last released its quarterly earnings results on Wednesday, July 26th. The social networking company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.87 by $0.36. Meta Platforms had a net margin of 18.70% and a return on equity of 21.72%. The business had revenue of $32 billion for the quarter, compared to analysts’ expectations of $30.91 billion. On average, equities analysts predict that Meta Platforms, Inc. will post 13.17 earnings per share for the current fiscal year.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.